Cattle Feeling More Pressure on Wednesday

Live cattle futures are trading with mixed action on Wednesday, with October held up by cash and 30 cents higher and other nearby contracts down a tick to 30 cents.  There were another 10 deliveries to the West Point, NE location on Tuesday, to take the total for the month to 20. The Wednesday morning Central Stockyards online Fed Cattle Exchange auction showed no sales on the 2,720 head listed for sale, with bids running $183-184. Cash sales were reported in the north at $187-188 last week, even to $1 higher vs. last week. Southern sales hit $186-187 on Thursday, steady to up $1 on the week. Feeder cattle futures are up a tick in October, with other contracts steady to 62 cents lower. The CME Feeder Cattle Index was down 72 cents at $249.89 on October 14. 

USDA wholesale Boxed Beef prices were mixed in the Wednesday afternoon report. Choice boxes were up $1.99 to $318.82/cwt, with Select 80 cents lower @ $291.29. The Chc/Select spread widened to $27.53. USDA estimated Tuesday’s federally inspected cattle slaughter at 125,000 head, which takes the weekly total to 245,000 head. That is 11,000 head above the previous week and down 5,484 head from the same week last year.

Oct 24 Live Cattle  are at $187.025, up $0.300,

Dec 24 Live Cattle  are at $186.500, down $0.025,

Feb 25 Live Cattle  are at $187.100, down $0.300,

Oct 24 Feeder Cattle  are at $246.550, up $0.025

Nov 24 Feeder Cattle  are at $245.850, down $0.625

Jan 25 Feeder Cattle  are at $243.775, down $0.450

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.